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Public companies switching to crypto treasuries are this season’s flavor. Companies like Strategy, Riot Platforms, GameStop and Metaplanet have combined equities and crypto to act as a bridge between these two industries. So far, most of these companies have only used Bitcoin as the reserve currency. However, the latest addition to this list, SharpLink Gaming, plans to implement the crypto reserve strategy using Ether.
In this article, let’s take a deeper look at the company, its crypto reserve strategy, and the market reaction to this development.
Key Takeaways:
Nasdaq-listedSharpLink Gaming, Inc. (SBET) has announced that it will create an Ethereum-based treasury.
The company acquired 176,270.69 ETH to make ETH its primary reserve asset. Over 95% of its ETH is staked, generating rewards and supporting network security.
The company’s share, SBET, has experienced sharp price swings, rising from $6.70 to $124 before falling back to $9.30.